Sanchez Energy notes fall on ratings downgrade; Hexion issues continue tumble over debt

By James McCandless

San Antonio, Nov. 5 – A new week in distressed debt trading saw focus remain on high-profile names.

Sanchez Energy Corp.’s notes fell after the company received a ratings downgrade in the wake of its third-quarter earnings release.

Elsewhere in energy, California Resources Corp. and Hi-Crush Partners LP’s issues saw negative pressure.

Weatherford International plc’s paper was also trending lower.

Meanwhile, Hexion Inc.’s paper continued to tumble amid growing concerns that second-lien holders will not benefit from future debt talks.

In retail, Rite Aid Corp.’s notes saw a boost. Sector peer Neiman Marcus Group, Inc.’s issues saw similar improvement.

Telecom name Intelsat SA’s notes were mixed in high activity.

Community Choice Financial Inc.’s notes were trading significantly lower from last week’s levels.

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